...

USDCZK Forecast – December-14-2023

Share

FxNews – Our recent technical analysis of the USDCZK currency pair proved accurate. The pair experienced a sharp decline from the 22.7 resistance level. Currently, the selling pressure has eased near the 50% Fibonacci support level. Notably, a long wick bullish candlestick has emerged on the 4-hour chart. This suggests a potential trend reversal or a consolidation phase. As a result, USDCZK is testing the 38.2% support level.

The overall trend appears bearish. Analysts at FxNews recommend waiting for the pair to drop below the 50% support level before entering a new trade. However, if the USDCZK price rises to the 23.6% level, this could also offer an opportunity to initiate a new selling order.

USDCZK Forecast - December-14-2023

USDCZK 4-Hour Chart

ECB Holds Firm on Interest Rates

Reuters – The European Central Bank (ECB) is set to hold interest rates at their highest levels in many years for the second time in a row. This decision, expected at Thursday’s meeting, aims to combat high inflation despite signs of economic growth slowing down. The main refinancing operations rate is likely to stay at 4.5%, a 22-year peak, while the deposit facility rate is expected to remain at a historic 4%.

All eyes are on ECB President Lagarde’s upcoming speech, with particular focus on her views about the rapid drop in inflation and how it fits with the bank’s rate forecasts. Investors are also keenly watching the ECB’s position on potential future rate cuts, especially after recent hints from some ECB officials suggested the possibility of reducing rates by over 100 basis points in the next year.

  • 14 December 2023
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.